Matt Tabbi explains a wild eyed plan to give people in foreclosure a way to save their home and the neat part is to screw the banks holding the mortgage .
Often a hated term "Imminent Domain" in this case works for the people.. A County seizes the property threw Imminent Domain and then pays (a standard) current market value to the banks for the property . The county can then offer the current or previous homeowner the opportunity to buy the property at current market value..The county would arrange financing for the owner.
Speaking of financing Pension Funds which have tons of money looking for decent returns could be a source for the money to finance the above programs. That would return a better than they are getting right now
The fact that until the home bubble is fixed there won't be much recovery.
I love it. This would be small payback for the shameful way the blood sucking banks have behaved. The counties could also make back some of the money the banks swindled them out of in the MERS scandal.
ReplyDelete~Heidi